Quotes for red diesel in NI have fallen sharply in recent days, as oil markets react to the imminent peace deal in the US-Iran war.

A price survey conducted by the Irish Farmers Journal on Wednesday found the best quote for 2,000 litres of red diesel was 76p/l plus VAT.

With the market falling, there is a significant variation in quotes across local fuel suppliers, so pricing around is strongly recommended.

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For example, several suppliers in our survey were quoting around the 83p/l mark.

When compared to the most competitive quote, the 7p/l price difference equates to £140 on a 2,000l delivery.

Suppliers suggest red diesel prices could fall further in the coming days, especially if the peace deal is formally signed on Friday as planned.

It means prices could get even closer to pre-conflict levels, when red diesel was typically selling for around 65p/l in February 2026.

Crucially, international oil markets are heading in that direction.

Brent crude oil, the international benchmark, has fallen sharply in recent days and was trading at $79/barrel on Wednesday, which is its lowest level since early March.

Another factor that has contributed to falling red diesel prices this week is the UK government’s 3.7p/l cut to fuel duty, which was introduced on Monday.

From 15 June until the end of 2026, duty on red diesel will stay at 6.48p/l, down from the previous rate of 10.18p/l.

Fertiliser

The other global energy market that impacts NI farmers is natural gas, as it is a key input in fertiliser production.

International gas markets have fallen by over 16% in recent days on the back of the US-Iran peace deal, although markets were still more than 30% higher than pre-conflict levels on Wednesday.

When compared to red diesel, falling natural gas prices will take longer to filter through to farmers in the form of lower fertiliser prices.

That said, there has been some more downward price movement from local fertiliser suppliers again this week.

Quotes for CAN now start from £440/t and compound products, such as 20-10-10, are available from £510/t.